SC agrees to hear Torrent’s plea in RCap case on Mar 20

By express news service

MUMBAI: The Supreme Court agreed on Monday to hear Torrent's appeal on March 20 against the National Companies Act Appeals Tribunal (NCLAT) order allowing a second round of auctions of Reliance Capital assets. The insolvency case of Reliance Capital, owned by Anil Ambani, will see further delays as Torrent approaches the high court.

Earlier this month, NCLAT had allowed the Creditors' Committee (CoC) to hold an extended round of auctions for debt-plagued Reliance Capital. Encouraged by the decision, RCap's Committee of Creditors (CoC) decided to hold a second round of auction for the sale of company assets on March 20 in which lenders asked bidders to offer a minimum of Rs 8,000 in cash in advance.

Torrent Group moved to the Supreme Court, seeking a stay of NCLAT's decision. In the second round of the auction, the lenders kept the minimum threshold or initial bid value at Rs 9,500 crore, with the subsequent round increasing to Rs 10,000 crore and Rs 250 crore in any subsequent round.

In the first round of the challenge mechanism, Torrent emerged as the highest bidder with a bid of Rs 8,640 crore, while Hinduja Group company IndusInd International Holdings Ltd (IIHL) came second with a bid of Rs 8,110 crore. rupees.

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